Wedge Capital Management L L P NC Raises Stock Position in Nucor Co. (NYSE:NUE)

Wedge Capital Management L L P NC grew its holdings in shares of Nucor Co. (NYSE:NUE) by 7.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,068 shares of the basic materials company’s stock after buying an additional 3,639 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Nucor were worth $7,527,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. CX Institutional raised its position in Nucor by 52.8% during the second quarter. CX Institutional now owns 17,245 shares of the basic materials company’s stock valued at $2,726,000 after purchasing an additional 5,960 shares during the period. Newbridge Financial Services Group Inc. raised its holdings in Nucor by 94.2% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,855 shares of the basic materials company’s stock valued at $323,000 after buying an additional 900 shares during the period. Norden Group LLC bought a new stake in Nucor in the first quarter worth $1,847,000. Banco Santander S.A. boosted its stake in Nucor by 86.2% during the first quarter. Banco Santander S.A. now owns 12,895 shares of the basic materials company’s stock worth $2,552,000 after buying an additional 5,971 shares during the period. Finally, Ascension Asset Management LLC bought a new position in Nucor during the second quarter valued at $885,000. Institutional investors own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Bank of America lowered their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Argus upgraded Nucor to a “strong-buy” rating in a research report on Monday, August 26th. BMO Capital Markets cut their target price on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 18th. JPMorgan Chase & Co. decreased their price target on Nucor from $174.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Finally, Morgan Stanley cut their price objective on Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $191.43.

Nucor Stock Up 0.7 %

Shares of NYSE:NUE opened at $152.98 on Tuesday. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $146.72 and its 200 day moving average is $161.43. The stock has a market cap of $36.68 billion, a P/E ratio of 9.00 and a beta of 1.55. Nucor Co. has a 52-week low of $133.42 and a 52-week high of $203.00.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. The business had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business’s revenue was down 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.81 EPS. Sell-side analysts predict that Nucor Co. will post 9.1 EPS for the current year.

Nucor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.41%. Nucor’s dividend payout ratio is presently 12.71%.

Insider Activity at Nucor

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the sale, the executive vice president now owns 99,049 shares in the company, valued at $15,847,840. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by corporate insiders.

About Nucor

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.